Joindre Capital Services Broker Research reports

Housing Development Finance Corporation (HDFC), India`s first and largest mortgage finance company, has now grown into a comprehensive financial conglomerate. HDFC has a strong distribution network of 116 offices across the country serving customers in over 2,400 cities/towns. Founded in 1977, HDFC is primarily in the business of providing services from home loans and deposit products to property-related services and a training facility. It also offers specialized financial services (including consultancy) to its customer...

Gujarat Pipavav Port's (GPPL) revenues grew nearly 20% YoY and 2% QoQ to Rs 188 crs, EBITDA for Q5FY15 grew strongly with 23% growth YoY (12% QoQ) to Rs 112.6 crs. On the EBITDA margin front, margins expanded 130 bps YoY and 543 bps QoQ to 59.9% on account of lower bulk revenues, which resulted in lower equipment hiring cost...

However, Indian business showed steady growth & North America posted modest growth which includes Habitrol sales for full quarter. Emerging markets posted strong growth on back of higher contribution from Venezuela. EBIDTA grew by 9.7% YoY to Rs.832crs & EBITDA margin stood at 21.5% contracted sequentially mainly on account of lower gross margins due to vScore: vScore (Value Score) is our proprietary company rating system f...

The company intends to reshuffle its existing borrowings by reducing its bank borrowing contribution from 60% at the end of Q3FY15 to 50% and replace the same with capital market instruments. In addition to, DHFL's long term credit ratings have been upgraded to CARE AAA (Triple A)' by CARE and AAA (Triple A)' by Brickwork. This would reduce overall cost of funds by 35-50 bps. Considering intense competition in the housing loan segment, there will be downward...

total offtake for the quarter increased 3.7%, leading to a 3.9% jump in revenues EBITDA margin increased 45bp yoy to 26% as higher staff costs and contractual expenses were offset by revenue growth and lower material and provisioning expenses. EBITDA stood at Rs 5,399crs....

The company has registered decent results for the quarter ending March 2015. The revenues from operations on consolidated basis grew by about 16% to Rs.2288 crores vs. Rs.1968 cr. in the year ago quarter while it grew 4% q-o-q. Operating profit climbed sharply by 38.3% at Rs.495.87 crores as against Rs.358.55 crores in the previous year...

Bank of Baroda reported a PAT of Rs 598 crs down by 48.3% Y-o-Y lower than expectations due to higher provisions. Key highlights: 1) NII depicted a slow growth of 1.5% Y-o-Y & declined by 3.5% Q-o-Q owing to slow credit growth and high interest reversals...

Impressive track record. BFL is one of the largest forging companies in the world and, as a standalone entity, enjoys cost leadership and a track record of efficient operations. We believe the company has one of the best management teams in the engineering space, and its focus on managing its human resources is one of the best in the...

Volume growth in Q1 FY16 of flagship brand has been good, the other brands however drag Bajaj Corp reported a revenue growth of 14.5% yoy (volume growth of 12% yoy). On a like to like basis (ex new launch Bajaj Amla, launched in 4QFY15), the volume growth for the company's portfolio stood at 8% yoy, which was primarily driven by 11% yoy growth in Almond Drops (AD). Brahmi Amla also grew in volumes by 45.5% yoy,...

Retail credit growth still strong, strong retail deposits share. At 22.2% yoy, credit growth was driven by retail (26.2% yoy) and farm (32.7% yoy) segments. While deposits grew 14.8% yoy, CASA (low-cost deposits) grew 14.2% yoy. CASA share in deposits rose 166bps qoq (down 23bps yoy) to 44.8%. Also, the retail liability base improved further, with the share of retail...